An Answer to all our Problems Lies in Economics
Economics is nothing but an analysis of wealth. Here we discuss issues like the creation (production), upkeep, and utilization, of wealth; how it benefits us, and how it can grow. We have made it into an art and a science that study things like the production, distribution, and consumption of goods and services, since we equate all of these with wealth. And each of these facets grew into rather independent and definable areas of expertise, which we have been cultivating as the central pedestal of our society. And these areas effectively sideline the abstract element of wealth, which should have been taking the attention of economics.
Also, the most important part, the one that actually turns wealth into something of value, is nothing but the transaction of wealth. What we take as wealth is actually something that enables, and many a time necessitates, a transaction. I think this fact does not get the attention it deserves.
And because of this reason, economics does not help us to make an objective analysis of wealth, and arrive at rather definite conclusions. I think this is the reason for the absolutely illogical state of the best of the species being the worst in looking after itself. Had we been keeping our tool, economics, well polished, just as we do everywhere else, an answer would have been in place.
Think of the early days. One can say, we were more successful in handling our physical sphere than the economic, or the social, ones. I find there are two reasons for this. The issues faced by the early ones were rather well-understood and reacted upon, as far physical surroundings go. Secondly, the available tools, implements or other expedients were logically sustainable, thereby enabling a structured response, as far as the physical sphere go. To compound this, the sphere of life in general, and especially that of health, boasted of a mixture of traditional practice and rather obscure wisdom. And in all other areas, like wealth, health, or well-being, no logical connection could be established.
As time went by, our understanding and appreciation of health improved dramatically, the germ theory of disease paving the way. Something in similar lines is slowly taking place in many other areas, all leading us to new and path-breaking concepts and discoveries, like quantum theory. However, we are closely guarding at least a few age-old notions, like the difficulty to analyze or modulate our priorities. This is affecting our social living or wealth or both, but we are happily living with it. In short, wealth is causing the human societies to be in a state of war with each other. (In fact I fail to understand this. We humans respond rationally, only to things that are established as rational. For everything else, we pride in giving an irrational response!. Of course naming it as love, hatred, pity, etc.)
Rightfully, taking a cue from our successes, where a substantive deviation from the old or the existing can be seen to have sparked each such instance, we should have been going for an overhaul of the art and science of wealth. The principles of economics should have been re-written to account for the unpredictable human, to begin with. Instead, we nonchalantly attribute all that cannot be explained to what we call as the vagaries of human behavior. Moreover, we feel proud of the fact that it is not all there with any other form of life.
Now, what do we need to do? I think only this. Choose a lifestyle that accords value to transactions rather than things.
What is that lifestyle? Undoubtedly, a nomadic lifestyle fits here.
Now, If we succeed in making that form of living, a default choice for the populace, it will a pleasant change. This is where, I think, economics will come to our help. A good measure in this regard can be ROI, which is definitely more attractive, as far as a nomadic lifestyle go. Think of the avenues, each one of us stand to get for exhibiting and relishing one’s talents, however meager that be. Think of the openings, all of us will have, where everything pent up stands to get released, howsoever big that be. This, and the added benefit of the freedom from contagious health issues of community living, will make this style, a much sought after one, one can be sure.
